Gifted deposit

Shammey

Hi. We have recently had a mortgage offer from Natwest through a mortgage advisor.
We have a decent deposit, the money was given to us from a family member 5 months ago and we have decided to use it for a deposit on a house. We didn’t realise that a gifted deposit has to be declared and don’t remember being asked by the mortgage advisor where it came from or if we did because it wasn’t given to us to use for a deposit there and then we just didn’t realise. Solicitors now want a letter saying who it was gifted from and that they don’t have an interest in the property, we now have this but we haven’t advised the lender. The mortgage advisor is saying it shouldn’t be a problem but he needs to get back onto Natwest. We have passed on this letter and will sort with Natwest before we provide anything to the solicitor so that they aren’t advised by them. We are now really worried that our mortgage offer may be retracted/declined and we will have to go through the process again. Does anyone know if this is likely to happen?
Thanks

Thrugelmir

Gifted deposits aren't normally a problem. Providing they meet the lenders criteria and the solicitor is happy with the source of the funds.

Shammey

Thank you. I think the gifted deposit will be ok, just the fact that we haven’t declared it before the mortgage offer. It was a genuine overlook as we were just completely unaware.